Being money savvy this festive season
In a tough economy and in a time that marks increased spending, with Christmas fast approaching, here are some spending tips to keep your spending to a minimum.
With about six weeks left to Christmas, Judy Liebenberg, a franchise principal and financial advisor at Momentum Consult, has started planning her spending for the festive season and has advice on how we all can join her in being money savvy.
“As a financial advisor, planning should come naturally to me but guess what, as a human being and a self-employed mom I leave Christmas planning and shopping for gifts until about two weeks before Christmas Day, and then find myself in a frenzy, overspending money,” she said.
“This year I want to do it differently and actually work on a budget as I am no longer prepared to spend my hard earned bonus and savings on too much food, super expensive decorations (that last for one day) and the wrong gifts just for the sake of buying something.
Through research conducted by questioning the spending habits of friends and family, Judy has put together saving and spending tips that will make a difference in your personal budgets this December and next January.
ALSO READ: Help the elderly this festive season
Plan ahead:
It is always ideal to save money for Christmas as early as possible.
Experts say we should start planning for Christmas in July already, though it is not always easy to put money away as we tend to spend every little bit in our bank accounts.
Purchase a gift card when you do your monthly grocery shopping.
Add an amount you can afford on the gift card and put it away in an envelope to use as part of your Christmas budget.
Build up rewards points:
These days every shop has some sort of rewards point system.
For a certain amount you spend, you get points allocated to a rewards card which you can then later use to purchase items with.
Agree with yourself that you will not use the points throughout the year but that you will accumulate and keep it for December so that you can use it towards your Christmas budget.
Buy throughout the year:
Shops usually have huge discounts and sales at certain times of the year where you can purchase gifts at a fraction of the price.
Stock clearance sales are the best.
Also, start buying your Christmas meat now.
Look for specials and put it in the freezer, most meats can be frozen for up to three months.
Don’t wait until the last week before Christmas as prices will be heavily inflated.
Support charity shops (thrift stores):
The majority of the money we spend on Christmas is for gift shopping.
“When my children were younger I’d ask them at the beginning of December to write a letter to Santa.
“They loved it and I found it sweet until I had to actually go buy the gifts.
“I never wanted to disappoint them thus ended up overspending totally on my budget.
“This year my sweet, sweet children you will get something from a charity shop (like Hospice) as this is my way of contributing towards charity. As the saying goes: One man’s trash is another man’s treasure.
“If you actually take time to visit these shops you will find the most amazing sensible gifts,” said Judy.
The name in the hat game:
If it is your turn to host the Christmas party this year then put the names of the guests in a hat and let each person choose a name with your next visit.
Do this in advance to Christmas and then each person will be responsible to buy only one gift.
Agree on a budget and stick to it.
Make your own decorations:
Let the creative juices flow.
There are so many affordable and easy to make ideas on the internet.
Do some research and let the children help you with this.
Make it a holiday project and keep them busy.
This way you will get to spend quality time with family, be creative and save a lot of money.
“I am so over the very expensive Christmas crackers that contain one cheap toy and a Chinese proverb.
“Rather save the empty toilet rolls and fill them with small chocolates and wrap them with homemade gift wrap,” added Judy.
Bring a dish day:
If it is your turn to host the party it doesn’t mean that you have to feed a nation.
Ask each couple to bring a salad or a dish that will fit in with your menu.
“My mom, for instance, makes the best potato salad ever thus I will ask her to bring it.
“We will have cold meats and salads for Christmas lunch.
“For those who cannot cook, you are most welcome to make a financial contribution towards the menu,” said Judy.
Trifle pudding is so last season:
“Stop buying Christmas cake (not everyone likes it) and trifle is really overrated and expensive to make.
“Use Google or Pinterest to find a cheap easy to make tart recipe.
“I got a delicious recipe from my friend, which serves eight to 10 people for just under R80,” said Judy.
Leftovers – the day after:
Don’t just throw leftovers away, make a new dish out of them.
Make nice sandwiches or deliver it to a shelter for homeless people, they will appreciate every bite.
ALSO READ: Help us make Christmas special for vulnerable children
“This is my personal tip: consider giving your children and spouse the best gift ever, namely the eighth wonder of the world, compound interest,” said Judy.
“This year my children will each get a R500 unit trust investment for Christmas as part of their gifts.
“I will ask my financial advisor (yes I also have one) to assist me with planning according to their ages and outcomes that we want to reach.
“My husband has a retirement annuity and my gift to him will be an ad hoc lump sum that I will pay into his plan.
“No more expensive gifts that are only used for a month or two or that depreciate in value.”
Have a story?
Contact the newsroom by emailing: Melissa Hart (Editor) germistoncitynews@caxton.co.zaor Leigh Hodgson (News Editor) leighh@caxton.co.za or Kgotsofalang Mashilo (journalist) kgotsofalangm@caxton.co.za
Remember to visit the Germiston City News on the following social media platforms:
Or add the GCN on WhatsApp 079 406 1181 or BBM (BBM Pin: 7F102137) today, to get all the latest news.
Catch-up on more local news with our sister newspapers Bedfordview Edenvale News, Alberton Record and Kempton Express.
